UAE telco Etisalat Q4 profit falls 12%

UAE telecoms company Etisalat reported a 12% fall in fourth-quarter profit, according to Reuters calculations.

Customers walk past an Etisalat store at a shopping mall in Dubai.

REUTERS/Jumana El-Heloueh

Tom Arnold,
Reuters News

DUBAI- UAE telecoms company Etisalat ETEL.AD on Wednesday reported a 12 percent fall in fourth-quarter profit, according to Reuters calculations.

Etisalat, which directly and indirectly operates in countries across the Middle East, Africa and Asia, made a net profit of 1.97 billion dirhams ($536.4 million), in the three months to Dec. 30, Reuters calculated from annual financial statements in the absence of a quarterly breakdown.

This compares with a net profit of 2.24 billion dirhams in the same period a year ago.

SICO Bahrain forecast the company would make a net profit of 2.21 billion dirhams.

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Abu Dhabi-listed Etisalat reported annual profit for 2017 of 8.44 billion dirhams, up from 8.42 billion dirhams in the year earlier.

It said consolidated revenue for 2017 dropped 1.3 percent mainly because of the impact of unfavourable exchange rate movements in the Egyptian pound against the dirham. ($1 = 3.6730 UAE dirham)